In the run-up to the 6 October start date for alternative business structures, various surveys have reported a distinct hotting up of the number of mergers among law firms. At the High Street end, part of the reason for this will be firms’ very sensible desire to achieve greater economies of scale, so that they can better compete on price when large brands enter the market.

But for firms that prefer to remain independent and do not want to merge, there may still be an opportunity to reduce costs by working with others.

Last week I spoke to Giles Murphy, who heads up the professional practices team at accountants and consultants Smith & Williamson. He told me of a recent initiative between a group of four (competing) regional firms, which had come up with an innovative way of cutting down their overheads.

Partners at the four firms had got their heads together and looked at what they were paying for basics like stationery, and IT. They worked out who had got the best deal, and then renegotiated a better package from suppliers on behalf of all the firms, based on a larger volume.

That makes a lot of sense. But it does involve quite a culture change for the profession, and a lot of trust between firms.

In an ideal scenario, firms acting in different fields of work could club together; or indeed, law firms could team up with other practices with similar needs, such as accountants. Taking it to another level, massive savings could be made by sharing an office with another firm, with just one shared receptionist, for example.

But when it comes to the more basic stuff such as ordering paper or computer hardware, there’s no real reason why even rival law firms couldn’t enter into a mutually-advantageous deal.

With the big brands waiting just around the corner, it could be an idea worth thinking about.

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